What’s Happening With SoFi Tech Stock Friday

  • SoFi Technologies, Inc. (NASDAQ: SOFI) The stock is down on Friday as the Senate approved the debt ceiling bill with 63 votes in favor of the legislation and 36 against.

  • The CARES Act passed in March 2020 allowed a pause in student loan repayment. The current debt ceiling agreement would end this pause and repayments are due to resume on August 29, 2023.

  • The student loan refinance company sued the government to end the pause earlier this year.

  • Through student and personal loans, the company aimed to provide a “relationship bank” for people struggling with soaring education costs, stagnating wages and unaffordable housing.

  • This week, CEO Antoine Noto reported challenges individuals face, such as soaring costs of education, stagnant wages and unaffordable housing in pursuit of the American dream at a JPMorgan investor conference.

  • The rising cost of education has left many graduates trapped in a cycle of debt, Noto says.

  • Through student and personal loans, the company aimed to provide “relationship banking” to these individuals to unlock their financial potential.

  • Price Action: SOFI shares traded down 1.17% to $6.74 when last checked on Friday.

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This article What’s going on with SoFi Tech Stock Friday originally appeared on Benzinga.com

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